A court in Florida has extended the deadline for bids on the sale of Bang Energy-maker Vital Pharmaceuticals.
The U.S. Bankruptcy Court for the Southern District of Florida had set a deadline of Monday, April 24 for all bids, with an auction due to take place yesterday. According to a filing with court this afternoon, the new deadline for bids is May 22 at 12 p.m., to be followed, if necessary, by an auction hearing on May 25, 2023 at 5:00 p.m. A sale hearing, originally scheduled for May 10, is now June 7.
Bang’s fate has been the subject of torrid speculation ever since the company began soliciting bids for its assets after filing for bankruptcy in 2022. Monster Energy – the category’s second-biggest brand – is widely speculated to be the most likely buyer; as Bang’s largest creditor in the bankruptcy case, the company is owed around $293 million in damages as well as 5% royalty on all future Bang sales in perpetuity.
Earlier this month, a California court issued a permanent injunction against Bang requiring all products featuring the word “creatine” pulled from store shelves and the cessation of sales of Bang products featuring the term within 60 days.